USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.25% against the JPY and closed at 101.60.
In the Asian session, at GMT0300, the pair is trading at 101.71, with the USD trading 0.10% higher from yesterday’s close.
Early morning, Japan’s Ministry of Finance reported that foreign reserves in the nation increased to $1,282.8 billion in April, compared to $1,279.3 billion of foreign reserves registered in the previous month.
The pair is expected to find support at 101.47, and a fall through could take it to the next support level of 101.24. The pair is expected to find its first resistance at 101.93, and a rise through could take it to the next resistance level of 102.16.
During the later course of the day, the Cabinet Office is expected to report the preliminary reading of Japan’s leading economic and coincident index for March.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
